FRANKLIN, Mass., Feb. 12 /PRNewswire-FirstCall/ -- Echo Therapeutics,
Inc. (OTC Bulletin Board: ECTE), a specialty pharmaceuticals and
diagnostics company, announced today that it had completed an approximately
$2.3 million private financing with Montaur Capital through Platinum Long
Term Growth VII, LLC and certain other select institutional and strategic
investors of senior unsecured convertible notes and warrants.

The $2,292,459 in aggregate principal amount of Senior Convertible
Notes to be issued in the financing will bear interest annually at a rate
of 8.0% per annum and will provide investors with the right to convert
principal into shares of Echo Therapeutics common stock at $1.35 per share.
The conversion price is subject to weighted average anti-dilution
protection, excluding certain customary exceptions. The notes have a
three-year term and Echo may elect to make payments of interest in cash,
additional notes, or stock.

Additionally, the investors received warrants to purchase 849,058
shares of common stock at an exercise price of $1.69 per share for a term
of five years. The warrants provide for full anti-dilution protection to
the holders and allow for cashless exercise.

In connection with the financing, certain holders of Echo's Senior
Promissory Bridge Notes, dated as of September 14, 2007, exchanged their
Bridge Notes at 120% of the outstanding principal and interest of the
Bridge Note as payment toward the purchase price of the Senior Convertible
Notes purchased by such holders. Accordingly, Echo issued notes in the
financing in the aggregate principal balance of $1,592,459 to the former
holders of the Bridge Notes upon their surrender of the Bridge Notes, and
Echo received gross cash proceeds in the amount of $700,000 in connection
with the financing.

Echo expects to use the net proceeds from the offering for product
development, working capital and general corporate purposes.

The securities issued in the financing have not been registered under
the Securities Act of 1933, as amended, and may not be offered or sold in
the United States in the absence of an effective registration statement or
an exemption from the registration requirements under the Securities Act.
This notice does not constitute an offer to sell or the solicitation of an
offer to buy securities, nor shall there be any sale of the securities in
any state in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such state.

About Echo Therapeutics

Echo Therapeutics is a platform-enabled specialty pharmaceuticals and
diabetes management company. Echo's Symphony(TM) CTGM System is a new
needle- free, wireless, continuous transdermal glucose monitoring system
focused on changing the paradigm of invasive, episodic glucose testing in
diabetes home use and hospital critical care settings. Echo's patented
AzoneTS(TM) transdermal drug delivery technology is focused on building a
pipeline of proprietary reformulations of specialty pharmaceutical products
previously approved by the U.S. Food and Drug Administration (FDA). Echo is
developing most of its AzoneTS pipeline in accordance with the FDA's
Section 505(b)(2) guidelines. Durhalieve(TM), Echo's lead AzoneTS drug
candidate, is an advanced topical reformulation of triamcinolone acetonide
for treatment of corticosteroid responsive dermatoses. Echo has submitted
its Durhalieve New Drug Application (NDA) to the FDA.

Forward-Looking Statements

This press release contains forward-looking information that involves
risks and uncertainties, including statements regarding Echo's plans,
objectives, expectations and intentions. Such statements include, without
limitation, statements regarding Echo's offering of convertible senior
notes. Factors that could adversely affect Echo's business and prospects
are described in Echo's filings with the Securities and Exchange
Commission. Echo expressly disclaims any obligation or undertaking to
release publicly any updates or revisions to any such statements to reflect
any change in Echo's expectations or any change in events, conditions or
circumstances on which any such statement is based.

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